CONTROL AND THE ROAD TO HELL
From Dr Gerry at Boom Finance
“Politicians, bureaucrats and economists always indulge in the fantasy that they can control their economies. During elections, the politicians make promises based upon this fantasy. And when they achieve office, they are enabled to indulge in this delusion by their bureaucrats and their appointed advisers. Economists are the court jesters who bring all manner of theory forward to rationalise what is happening or to criticise if economic hardship occurs.
The delusion of control, driven by ego and hubris, sometimes develops towards extremes of human behaviour.
John Maynard Keynes made this insightful comment in 1936.”
“Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back”
……………
There is a LOT to discover in thie piece..Ha
Heritage Foundation’s Kevin Roberts went on to say “The infamous hypocritical self-avowed Marxists, private-jet environmentalists, and genocide-adjacent humanitarians want to hear how they can “rebuild trust” with everyday Americans against whom they have weaponized their institutions.”
Surprisingly, these two speeches were reported in the mainstream media all over the world. So, perhaps the Worm has definitely turned? It would appear that Davos is no longer a fashionable place to be seen or heard and Klaus Schwab may well have been transformed into a liability to any corporation or government
https://boomfinanceandeconomics.substack.com/p/boom-finance-and-economics-21st-january?
“Economists are the court jesters who bring all manner of theory forward to rationalise what is happening or to criticise if economic hardship occurs.
The delusion of control, driven by ego and hubris, sometimes develops towards extremes of human behaviour.
John Maynard Keynes made this insightful comment in 1936.”
How ironic, since Keynesian economics was BORN IN 1936, and is essentially the school that promotes governmental activism (especially BORROWING) to tweak the system toward optimality.
Thomas Hazlitt, who wrote his Economics in One Lesson in 1947, probably wrote what he did IN COUNTERPOINT TO KEYNES. Hazlitt ‘follows’ Hayek, Friedman, van Mises and the Rothbard school. Let markets work. Ie, let them CLEAR. Let’s add Javier Milei to this branch of economics, and recognize that you can’t paint them all with one brush.
KEYNES is how we got to where we are today. (Melding Economics with Political Opportunism. Don’t let a good crisis go to waste!)
And Steve Keen, in his exchanges with Paul Krugman, pointed out that MODERN MACRO makes no room (WHATSOEVER) for banking or debt. GO FIGURE.
Ironic indeed pedro good catch
Keyne’s Quote was right and then he proceded to fall into the exact same mould in spades